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Credit Cards VS Debit Cards, which is a better option for your spending habits? We answer that question in this video, looking at rewards, fraud protection, ATM use and the effect on your credit score.
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26 comments
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Could I build a credit score in the US with utilities repayment history vs applying for credit facilities?
Just some feedback, I think the background music doesn't fit the video. Because you can barely hear it, it's actually kind of annoying. It would be better to remove it or find a more suitable one.
Nothing wrong with a basic video. The way the school system fails to teach high school kids the basics of personal finance, this type of material is useful.
One thing that needs to be said is about
processing networks, the networks that connect the ATM or merchants’ point of sale systems to the cardholder’s bank. With credit cards there’s only four worldwide Visa, MasterCard, American Express and Discover. With debit cards there are so many networks example being Nyce, Cirrus and Plus are debit processing networks in the United States that operate in individual countries. Often a debit card issued one country won’t work outside of that country. The ATM or point of sale system needs to be able to connect to a network that is compatible to connect to a cardholder’s bank. For international travel this is another reason that a credit card holds a big advantage over a debit card. This too is changing as many debit cards issued in the United States and Canada use the Visa or MasterCard networks to allow for international and online transactions.
Your voice is soft but in the intro/exit/intermission, the music BLARES SIX TIMES LOUDER before going back to your soft voice. Have you looked at the audio waveform?
I hope the new editor you hire understands volume balancing better than the current one.
In this video, I had to turn the volume down, turn the volume up, turn the volume down, turn the volume up… then close the video without watching the rest (or giving you full watch time). Are you listening, Credit Shifu?
Your waveform should be so consistent that you can't be able to visualize the talking separate from the music.
$60,000 sign up bonus huh 😂🤣
I would think it was transparent to differentiate between the debit and credit card, but I presume the making of this video people need additional clarification! 🤣🤣🤣
Excellent vid. while I was rebuilding my credit, I used that discover 1% cashback debit card. I maxed out that spend every month!
I also got the American express Serve prepaid card for 1% cashback. it's free in Texas, so there was no monthly fee for me!
Now I'm using my credit cards much more responsibly as I continue to rebuild my credit
Bro! I Love the quality of this video! I hope you keep these up! 😀
15:22 The Chase Sapphire Preferred is offering a $60,000 signup bonus? Where can i get that?
Hi, I want to increase my credit score from 753 but I am not sore how. I have 1 credit card and 1 denied credit card application from a year ago. I only use 10% of my credit at any time. What do you suggest?
Just commenting to support content
Great explanation in the video!
Had somebody come in the bank I work at the other day and was talking about how he only uses credit cards simply for the rewards. I asked them if they knew who you were and they said yes!
I work at Chase and we were lowkey trash-talking about the new changes to the Chase Sapphire Reserve (pls don't tell my manager)
Hey Shifu, have you heard of a "cash back" Debit Card called the Aspiration Card offering 5% cash back categories. I hope you will give it a look 💳
Reporting for duty. Like, comment, subscribe, tap the bell to be notified of @The Credit Shifu's new videos, and finally smash the like button! 👍🏻👍🏼👍🏿
Good overview of debit versus credit cards.
I’m a credit card guy, and I always pay in full. Also I love booking through United with my Mileage Plus Explorer Card and owing 0 dollars each way for my checked bag. Also I enjoy getting 2x the rewards on restaurants and getting 25% off United Airlines inflight purchases like Wi-Fi or entertainment
Hey credit shifu, I just got my first secured credit card with no credit history at all. On the first month my CK reported I was at 711? Is that correct?
I'm glad you stressed the fraud liability. it shows the power of a credit card as a layer of protection between you and your money
Question – can a credit card be used like a debit card i.e have your own money in there and only use that? or do people only use it to borrow money and repay it?
Indians don't use credit cards like how Americans don't use debit cards.
There is a difference in protection for debit vs credit cards. Take that Dave Ramsey
Most primium chequeing accounts in Canada wave anual fees on high end credit cards. If that's not enough these chequeing accounts allow you to keep a minimum balance to wave the mouthly fee on the chequeing account.
I live in Canada and my debit card earns points that I can redeem for movie tickets or discounts at select restaurants.
On the topic of spending more on credit than debit: Am I alone in treating my monthly income or lowest limit, whichever is lower, as I would my checking account for debit? Is there a reason for this?